Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 810 million yuan in 2024, a year-on-year decrease of 14.62%, and a net profit attributable to shareholders of -33 million yuan, down 180.01% year-on-year. The non-recurring net profit was -57 million yuan, a decline of 660.77% [2][4]. - In Q4 2024, the company achieved a revenue of 245 million yuan, a year-on-year decrease of 1.08%, but a quarter-on-quarter increase of 19.56%. The net profit attributable to shareholders was -12 million yuan, and the non-recurring net profit was -13 million yuan [2][4]. - For Q1 2025, the company reported a revenue of 243 million yuan, a year-on-year increase of 80.92%, with a slight quarter-on-quarter decrease of 0.82%. The net profit attributable to shareholders turned positive at 7 million yuan, and the non-recurring net profit was 2 million yuan, indicating a turnaround [2][4]. Summary by Sections Financial Performance - The company experienced a significant drop in revenue and profits in 2024, with a total revenue of 810 million yuan and a net loss of 33 million yuan. The performance improved in Q1 2025, with a revenue of 243 million yuan and a net profit of 7 million yuan [2][4][10]. - The total shipment of negative electrode coating agents reached 60,500 tons in 2024, a year-on-year increase of 93.5%, maintaining a leading market share [10]. Production and Capacity - The production capacity for coating agents in 2024 was 70,000 tons, with a utilization rate of around 70%. The company is expanding its integrated production lines to enhance capacity and reduce costs [10]. - The average price of coating agents faced pressure in 2024, but the decline is expected to stabilize gradually [10]. Future Outlook - The company anticipates steady growth in 2025, driven by price recovery and an increase in the proportion of medium and high-temperature products. The integrated advantages from the Dalian base are expected to gradually manifest [10].
信德新材（301349）：2024年年报及2025年一季报分析：出货持续增长，盈利拐点向上